Q: What's the difference between a real estate broker and an agent?

Real estate brokers are licensed to own their firm and help clients buy and sell real estate. Real estate sales agents must work under a licensed broker. Brokers work with sales agents on a contract basis and charge a commission for each property they sell.

Question 1

What does a real estate agent do?

Accepted Answer

Real estate agents help clients buy, sell, and rent residential and commercial properties. Homebuyers and sellers should get a realtor or listing agent to help find and visit properties, make offers, determine a competitive listing price, negotiate, and handle all the paperwork.

According to the U.S. Department of Labor, real estate agents do the following:

Represent clients looking to buy, sell, and rent properties.
Advise clients on local prices, market conditions, mortgages, and related information.
Generate and compare currently listed and recently sold properties to determine a competitive listing price or offer.
Market properties through open houses, online websites, and advertisements.
Show prospective properties to buyers or renters.
Present purchase offers to sellers or helps buyers submit an offer.
Mediate negotiations between buyer and seller.
Ensure all contract terms are met.
Prepare and submit documents, such as loyalty contracts, purchase agreements, and deeds.

Question 2

How much does a real estate agent cost near me?

Accepted Answer

The standard, fair commission for a real estate agent is 6% of the home's sale price. The commission is negotiable and is typically split between the seller’s agent and buyer’s agent at 3% each. Some real estate firms offer selling or listing services at a flat rate of $3,000 to $6,000.

Additional costs apply for home staging, photography, videography, marketing, inspections, appraisals, and closing costs.

Question 3

What's the difference between a real estate broker and an agent?

Accepted Answer

Real estate brokers are licensed to own their firm and help clients buy and sell real estate.
Real estate sales agents must work under a licensed broker. Brokers work with sales agents on a contract basis and charge a commission for each property they sell.

Question 4

What should you look for in a real estate agent?

Accepted Answer

To find the best real estate office, look for and do the following:

Contact and compare at least three presentations from top realtor agents.
Ask for recommendations from family, friends, and neighbors.
Read reviews and check out their previous work on HomeGuide and Google.
Select realtors with extensive knowledge and experience of the local market.
Avoid part-time real estate agents.
Avoid agents that don't typically work within your price range.
Look for agents that have recent and successful local transactions.
Look for agents that communicate with you regularly and keep you up to date.

After asking questions, hire the best real estate agents near you.

Question 5

What questions should you ask a real estate agent?

Accepted Answer

When hiring a real estate firm, ask them the following questions:

How long have you been in business? Are you full-time?
How many homes have you represented in this area?
What types of homes do you usually represent?
What price range do you typically work within?
What price would you recommend listing my home at, and why?
Are there any potential complications you foresee with this home?
How many other homes or buyers are you currently working with?
Can you provide testimonials and references from past customers?
Does your firm help with photography, walk-through video, or staging?
How long are houses taking to sell in the neighborhood?
How much do you charge, and how long does your contract last?
Is your commission negotiable?
What services are included in the cost?
How do you plan to market my house?
What do I need to provide to get started?

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What's the difference between a real estate broker and an agent?

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